New Repossession Rules
Date: Thursday 28th October 2010
From the 1st of October new rules mean that tenants(sub-tenants to managing agents) will no longer live in fear of being evicted from their home with little or no notice.
Before today, if a landlord has not been given consent to let out their property from their lender, and later faces repossession action, the tenants could be left vulnerable since the courts were unable to take account of their circumstances and many were placed in the distressing situation of being given very short notice to find a new place to live.
New rules mean that tenants will for the first time be able to attend the court hearing, and judges will be able to take their situation into account and delay repossession by up to two months to give them more time to find a new home.
Guidance published makes clear the rights these tenants have when their landlord faces repossession action, but also sets out the steps lenders must take. These changes come as part of the Mortgage Repossessions (Protection of Tenants etc) Act 2010